Rapper 50 Cent was recently called back to bankruptcy court because of the photos he has been posting on Instagram, which do not support the claim that he is broke, a statement that 50 made in a July 2015, bankruptcy court hearing.
Ever since he was discovered by Eminem back in 2002, 50 Cent has fostered an image of himself as a wealthy hustler. For this reason, it was quite a shock to many people when he declared bankruptcy after being fined $7 million for releasing a sex tape of Rick Ross’s ex-girlfriend in July 2015.
Although the “In Da Club” rapper was not let off the hook completely for the fine he owed, the court accepted his bankruptcy declaration and let him go without paying the full seven million, reports the New York Post.
In the past few days, however, new evidence has come to light suggesting 50 Cent may have fabricated the story about being dangerously low on funds.
Lastonia Levenson, the woman 50 was supposed to pay the $7 million dollar fine to before he declared bankruptcy, recently happened upon 50 Cent’s instagram page, where 50 has, in the time since the July 2015 bankruptcy court hearing, posted photos of himself with large stacks of cash.
The court quickly contacted 50’s lawyers to ask what was up with the almost mockingly lavish 50 Cent Instagram photos.
In response, the lawyers insisted that the photos were only staged in order to maintain 50 Cent’s high-roller image; the money depicted in them did not actually belong to him. The court did not buy the defense, and, as a result, 50 Cent will be seeing the inside of a court room again soon.
Ann Nevins, one of the judges in charge of 50 Cent’s bankruptcy case, spoke about the issue during a preliminary hearing held in Hartford, CT on Thursday.
“I’m concerned about allegations of nondisclosure and a lack of transparency in the case. There’s a purpose of having a bankruptcy process be transparent, and part of that purpose is to inspire confidence in the process.”
Basically, she does not believe 50 is telling the truth about his net worth having fallen to nearly nothing, and for good reason. There certainly is a lot of evidence against him even besides the photos of 50 with numerous blocks of $100 bills.
For example, 50 Cent’s Instagram posts regularly depict his packed concerts, huge events for which one has to assume 50 is getting paid fairly well. Those cash infusions do not appear on the income statements 50 supplied to the court during the July 2015 bankruptcy court hearing, though.
Another example: in September, 50 Cent tweeted that he is planning to throw a party at his crib in Africa, a property that he definitely did not let the court know about.
Needless to say, 50’s social media posts do not look like those of a man who is having financial troubles. In fact, if his posts are any guide, 50 cent’s net worth looks to be much higher than that of the average worker.
Indeed, says Bossip, 50 Cent’s financial documents reveal that he actually does earn quite a decent amount of money – $38 thousand per month. But the same documents show he spends around $135 thousand in the same amount of time, meaning he is hemorrhaging nearly 100k every month.
50 has been very vocal about the misery brought on by bankruptcy. TMZ reports that he has even argued to the court that the actions of his creditors, who plan on taking the money they are owed by 50 out of his income and leaving him with nothing, is comparable to slavery and should actually be illegal under the 13th amendment (the one that outlaws indentured servitude).
50 Cent owes the creditors over $30 million, though, so he might have to face the music like almost anyone else who is deeply in debt.
That he will have to continue to pay up will become even more likely if he loses the upcoming trial and is declared “un-bankrupt.”
Although no date for the trial has been announced yet, it will be very interesting to see how 50 Cent goes about explaining away the photos, which seem to be smoking guns in a bankruptcy case.
[Photo by MJ Kim/Getty Images]